Mars Finance reported on December 5th that the International Monetary Fund (IMF) warned on Thursday that stablecoins could accelerate currency substitution in countries with weak monetary systems, thereby weakening central banks' control over capital flows. The IMF stated that the rise of dollar-backed stablecoins and their convenient cross-border use could encourage people and businesses in economically unstable regions to use dollar-backed stablecoins rather than their local currencies.
IMF: Stablecoins could accelerate currency substitution and weaken central bank control.
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